Hundreds of thousands of Canadians are seeing their payment deferrals expire. Canadian Bankers Association (CBA) data shows over half of people on deferrals have resumed payments by September 30. While most have resumed, there’s still hundreds of thousands of mortgages that haven’t yet. Mortgage Payment Deferrals When the pandemic kicked off, Canada’s bank regulators allowed […]
Canada’s largest real estate markets are seeing unemployment fall from peak. Statistics Canada (Stat Can) data shows October saw the rate drop in Toronto, Vancouver, and Montreal. These markets all saw improvements, but they’re still far from pre-pandemic levels. Toronto Has One of The Highest Unemployment Rates In Canada Toronto has one of the highest […]
Canada is pulling all of the measures to make sure households and businesses don’t go bust, but it’s just time for some. Office of the Superintendent of Bankruptcy (OSB) data shows insolvencies increased in Q3 from the previous quarter. The quarterly increase is somewhat surprising, considering the number of lender support programs. Canadian Insolvencies Rise […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate CMHC Warned Buyers Not To Buy A Condo. Some Are Now Officially Underwater People that bought a condo after the pandemic was declared aren’t doing so hot. Across Greater Toronto, buyers of a benchmark condo in April have seen the minimum […]
Condo buyers in Canada’s largest real estate markets might be breaking a sweat. In April, Canada Mortgage and Housing Corporation (CMHC) warned first-time buyers about buying a condo at this time. Despite the warning, many went ahead and bought one in May. If they made the minimum downpayment, there’s a good chance most of their […]
Canada was building a lot of homes before the pandemic, and they’re arriving. Unfortunately, there’s not nearly as many people to fill them as expected. The number of homes completed was more than twice as high as the population growth in Q3 2020. The ratio is more than seven times higher than it was during […]
Canadian consumers are running out of cash, according to a Big Three credit agency. TransUnion’s latest household survey on October 4th, shows a rise in consumers who are seeing the shortfall to cover bills. The gap between what they can pay and payment obligations, is now surging higher. Despite the bad news, consumers now have […]
Canada’s mortgage debt binge is accelerating to the fastest pace in years. Bank of Canada (BoC) data shows mortgage debt reached an all-time high in September. The record high came with abrupt, accelerated growth, due to pent up demand. Canadian Mortgage Debt Tops $1.71 Trillion Canadian mortgage debt held by institutional lenders surged to a […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate RBC Forecasts Canadian Mortgage Defaults Will Start Rising Next Year Canada’s largest bank is forecasting mortgage defaults are still coming, just a little later. RBC is forecasting rising defaults in Q3 or Q4 of 2021. The reason? Programs like EI, CERB, […]
Politicians are increasingly discussing broad upzoning as a housing affordability solution. Instead of one home on a property, you can now build two homes on the same amount of land. All across the city, in some cases. The assumption is if there’s two homes on a property, it’ll be half the price. Makes sense, right? […]
